Technical Appendix to ‘The Impact of Brexit on Foreign Investment in the UK’ Gravitating Towards Europe: An Econometric Analysis of the FDI Effects of EU Membership
Technical Appendix to ‘The Impact of Brexit on Foreign Investment in the UK’ Gravitating Towards Europe: An Econometric Analysis of the FDI Effects of EU Membership
复制标题
“英国脱欧对英国外国投资的影响”的技术附录转向欧洲：欧盟成员资格对外国直接投资影响的计量经济学分析
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Randolph Luca Bruno
中科院分区：
文献类型：
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作者：
Randolph Luca Bruno
作为欧盟（EU）成员国，一个国家获得了多少额外的外国直接投资（FDI） ？本文的目的是利用1985-2013年34个经合组织国家的双边FDI数据，对欧盟成员国身份对FDI流入的影响提供新的估计。我们发现，根据计量经济学技术的选择，欧盟成员国身份显著增加了14%至38%的外国直接投资流入。如果英国退出欧盟，我们预计外国直接投资流入将下降22%。我们的结果对于使用更复杂的计量经济估计器是稳健的。鉴于最近关于英国退欧的辩论，我们也试图理解外国投资者选择英国而不是-à-vis其他欧洲国家的原因，强调欧洲一体化对外国直接投资流入英国的潜在影响。
How much additional foreign direct investment (FDI) does a country receive as a consequence of being a member of the European Union (EU)? The objective of this paper is to offer novel estimates of the effect of EU membership on FDI inflows using bilateral FDI data from 34 OECD countries 1985-2013. We find that EU membership robustly increases FDI inflows by 14% to 38% depending on the choice of econometric techniques. Should the UK leave the EU, we predict about a 22% fall in FDI inflows. Our results are robust to the use of more sophisticated econometric estimators. In light of the recent debates on Brexit, we also try to understand the reasons for foreign investors choosing the UK vis-à-vis other European countries, emphasising the potential effects of European integration on FDI inflows to the UK.